Ferguson Enterprises Inc DE

For the period ended Oct 31, 2024. Filed Dec 10, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Oct 31, 2024 · Filed Dec 10, 2024

FERG$259.44-0.2%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Earnings

	Three months ended
	October 31,
(In millions, except per share amounts)	2024	2023
Net sales	$7,772	$7,708
Cost of sales	(5,432)	(5,377)
Gross profit	2,340	2,331
Selling, general and administrative expenses	(1,585)	(1,512)
Depreciation and amortization	(90)	(80)
Operating profit	665	739
Interest expense, net	(46)	(45)
Other income (expense), net	5	(3)
Income before income taxes	624	691
Provision for income taxes	(154)	(172)
Net income	$470	$519
Earnings per share - Basic	$2.34	$2.55
Earnings per share - Diluted	$2.34	$2.54
Weighted average number of shares outstanding:
Basic	200.8	203.8
Diluted	201.3	204.6

Condensed Consolidated Statements of Comprehensive Income

	Three months ended
	October 31,
(In millions)	2024	2023
Net income	$470	$519
Other comprehensive income (loss):
Foreign currency translation adjustments	(7)	(35)
Pension adjustments, net of tax impacts of ($2) and $0, respectively.	5	1
Total other comprehensive loss, net of tax	(2)	(34)
Comprehensive income	$468	$485

Condensed Consolidated Balance Sheets

	As of
(In millions, except share amounts)	October 31, 2024	July 31, 2024
Assets
Cash and cash equivalents	$601	$571
Accounts receivable, less allowances of $28 and $21, respectively	3,642	3,602
Inventories	4,393	4,188
Prepaid and other current assets	963	1,020
Assets held for sale	26	29
Total current assets	9,625	9,410
Property, plant and equipment, net	1,780	1,752
Operating lease right-of-use assets	1,610	1,565
Deferred income taxes, net	186	181
Goodwill	2,363	2,357
Other intangible assets, net	720	753
Other non-current assets	574	554
Total assets	$16,858	$16,572
Liabilities and stockholders’ equity
Accounts payable	$3,430	$3,410
Short-term debt	550	150
Current portion of operating lease liabilities	406	395
Other current liabilities	1,353	1,261
Total current liabilities	5,739	5,216
Long-term debt	3,447	3,774
Long-term portion of operating lease liabilities	1,235	1,198
Other long-term liabilities	782	768
Total liabilities	11,203	10,956
Stockholders’ equity:
Ordinary shares, par value 10 pence; 500,000,000 shares authorized; 0 and 232,171,182 shares issued, respectively	—	30
Common stock, par value $0.0001; 500,000,000 shares authorized; 201,343,253 and 0 shares issued, respectively	—	—
Paid-in capital	910	864
Retained earnings	5,889	9,589
Treasury shares, 1,061,473 and 30,827,929 shares, respectively at cost	(211)	(3,936)
Accumulated other comprehensive loss	(933)	(931)
Total stockholders' equity	5,655	5,616
Total liabilities and stockholders' equity	$16,858	$16,572

Condensed Consolidated Statements of Stockholders’ Equity

	Three months ended
(In millions, except per share data)	October 31, 2024	October 31, 2023
Ordinary shares:
Balance at beginning of period	$30	$30
Treasury shares canceled	(4)	—
Ordinary shares canceled	(26)	—
Balance at end of period	—	30
Common stock:
Balance at beginning of period	—	—
Common stock issued	—	—
Balance at end of period	—	—
Paid-in capital:
Balance at beginning of period	864	809
Share-based compensation expense	20	19
Ordinary shares canceled	26	—
Balance at end of period	910	828
Retained earnings:
Balance at beginning of period	9,589	8,557
Treasury shares canceled	(3,932)	—
Net earnings	470	519
Cash dividends declared of $0.79 and $0.75, respectively	(158)	(152)
Shares issued under employee stock plans	(80)	(66)
Balance at end of period	5,889	8,858
Treasury shares:
Balance at beginning of period	(3,936)	(3,425)
Treasury shares canceled	3,936	—
Share repurchases	(261)	(33)
Shares issued under employee share plans, net	50	25
Balance at end of period	(211)	(3,433)
Employee Benefit Trust:
Balance at beginning of period	—	(46)
Shares issued	—	45
Balance at end of period	—	(1)
Accumulated other comprehensive loss:
Balance at beginning of period	(931)	(888)
Other comprehensive income	(2)	(34)
Balance at end of period	(933)	(922)
Total stockholder's equity	$5,655	$5,360

Condensed Consolidated Statements of Cash Flows

(In millions)	Three months ended
October 31,
2024	2023
Cash flows from operating activities:
Net income	$470	$519
Depreciation and amortization	90	80
Share-based compensation	11	13
Changes in deferred income taxes	(1)	(3)
Changes in inventories	(203)	(217)
Changes in receivables and other assets	(4)	(29)
Changes in accounts payable and other liabilities	(169)	27
Changes in income taxes payable	158	166
Other operating activities	(7)	1
Net cash provided by operating activities	345	557
Cash flows from investing activities:
Purchase of businesses acquired, net of cash acquired	(22)	(12)
Capital expenditures	(77)	(91)
Other investing activities	—	7
Net cash used in investing activities	(99)	(96)
Cash flows from financing activities:
Purchase of treasury shares	(256)	(108)
Repayments of debt	(1,550)	(550)
Proceeds from debt	1,621	500
Change in bank overdrafts	4	11
Cash dividends	—	(152)
Other financing activities	(33)	(14)
Net cash used in financing activities	(214)	(313)
Change in cash, cash equivalents and restricted cash	32	148
Effects of exchange rate changes	(3)	(9)
Cash, cash equivalents and restricted cash, beginning of period	625	669
Cash, cash equivalents and restricted cash, end of period	$654	$808
Supplemental Disclosures:
Cash paid for income taxes, net	$—	$9
Cash paid for interest	74	70
Accrued capital expenditures	7	8
Accrued dividends	158	152

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.